Mid-Session Budget Deficit Review

1994-07-13T03:04:00-04:00https://images.c-span.org/Files/31d/058609-m.jpgAt a budget briefing this morning, OMB Director Leon Panetta, OMB Deputy Director Alice Rivlin, and Chairman of the National Economic Council Robert Rubin presented the new deficit numbers of the mid-session review. The mid-session review estimates the deficit for 1994 will be $220 billion, or $85 billion below what the Administration had projected. For 1995, the Administration had projected a deficit of $302 billion, and had estimated that it would be able to reduce the deficit to $176 billion. The mid-session review estimates the deficit for 1995 will be $167 billion, almost $135 billion less than the Administration projected. “Over the 5 years covered by the President’s original plan, the deficit has been reduced not just by the $500 billion that we had passed by the Congress last year in the deficit reduction plan, but by a total of almost $691.7 billion,” said Panetta.

At a budget briefing this morning, OMB Director Leon Panetta, OMB Deputy Director Alice Rivlin, and Chairman of the National Economic Council Robert Rubin presented the new deficit numbers of the mid-session review. The mid-session review estimates the deficit for 1994 will be $220 billion, or $85 billion below what the Administration had projected. For 1995, the Administration had projected a deficit of $302 billion, and had estimated that it would be able to reduce the deficit to $176 billion. The mid-session review estimates the deficit for 1995 will be $167 billion, almost $135 billion less than the Administration projected. “Over the 5 years covered by the President’s original plan, the deficit has been reduced not just by the $500 billion that we had passed by the Congress last year in the deficit reduction plan, but by a total of almost $691.7 billion,” said Panetta. close